** Government Magic or Osinbajo's Miracle? **

BREAKING NEWS: Naira Gains; While DSS Still Detaining Mr Gbadamosi Who Exposed The Govt Forex Fraud.*
While Nigerians are still speculating the actual reason behind the sudden appreciation of the Naira over major International currencies since February 20, 2017 and Central Bank of Nigeria (CBN) sudden change of policy, Mr Babatunde Gbadamosi, a Lagos Businessman and former governorship candidate, who exposed in details the monumental organized foreign currency fraud by the Buhari government and officials of CBN was arrested and still detained by the Department of Security Services (DSS) since February 22, 2017.
In a social media video which went viral, Mr Gbadamosi frowned at the shabby practices where those that genuinely need foreign currencies for Business are not provided with any, while the President's allies and the cronies of CBN big-wigs are receiving them at ridiculous low rates of N3/$1.
Every effort to secure Mr Gbadamosi's release has proved abortive. The DSS has ensure that no one visits or see the incarcerated voice of the Nigerian opposition in the secret detention center he was dumped six days ago and sources close to Hope For Nigeria within the secret police headquarters in Abuja are claiming that Gbadamosi was accused of blackmailing the Central Bank of Nigeria and the Government by releasing those classified information about forex sales.
Regrettably, while Mr Babatunde Gbadamosi is languishing in DSS secret detention center for saving Nigeria from the forex mafia, Nigerians are giving the glory to the acting President Osibanjo who raised no finger in the new development where the CBN suspended forex sales to cronies and allies of President Buhari and sudden revert to the polices of the former President Goodluck Jonathan, where the Naira is protected with our external reserve.
Re-echoing the concern of Nigerians including that of the former CBN governor and the Emir of Kano, Sanusi Lamido who revealed the operation of over 20 different foreign exchange rates by the CBN and some Nigerians making billions of Naira daily from their gardens trading dollar they bought at an alarming low rates, Mr Gbadamosi demanded that these sharp practices should stop in other for the country to survive the self-induced recession.
Gbadamosi quoting various media sources in the Video, stated that the CBN was selling forex to some close allies of President Muhammadu Buhari for as low as N3 to $1 through what is called Bills of Collection. People where given Dollars with cold claims that their Form M was filled and submitted like 35 years ago but forex was not released. They cartel only has to claim that they made their importation in 1985 but forex was not released to you despite submitting duly completed Form M.
With all documents perfected, the forex will then be released at the prevailing rate in 1985. They will get $3 million at N5/ $1 and selling to end users at say N480/ $1. The said customer will be making about N1.425billion in one transaction.
He listed transactions by some individuals that got $4,327 at the rate of N23.34 to $1 through “credit card payment” for “invisible” purpose and under “invisible sector”. A bank also got $3,589.11 at the rate of N3.19 to $1 also for “invisible” purposes and under “invisible” sector. There was a transaction involving sale of $66.72 at the rate of N0.62 to $1. There was also a sale of $5.56 to a company at the rate of N0.61 also for “invisible” purposes. A particular transaction also involved the sale of $570.8 at the rate N3.17.
In contrast, there was a company, who purchased $1,462,480.83 at the rate of N425 to $1. The document shows that individuals and companies got foreign exchange for purposes ranging from importation, PTA, school fees, “invisible”, family maintenance allowances, mortgage payments and medical travel among others.
This video lead the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), to query the CBN Governor, Mr. Godwin Emefiele, demanding “prompt response” to the allegations of corruption in the CBN’s foreign exchange allocation and transactions. Multiple Petitions against the CBN indicated how some companies and individuals got foreign exchange in US dollars at the rates as low as low as N0.61 to $1 while others got it in rates that were as high as N470 to $1.
Malami, in the letter, dated February 6, 2017, and with reference number, HAGF/CBN/2017/VOL.1/1, asked Emefiele to respond to the allegations “to enable us to advise the Presidency and take appropriate measures.”
Titled ‘allegations of racketeering in the Central Bank of Nigeria; disparity in allocation of foreign exchange’, and addressed to Emefiele, the letter was delivered to the CBN governor’s office on Monday.
The allegations in the attorney general's letter to Emefiele includes:-
alleged corruption in the apex bank’s “foreign exchange allocation transactions.
2. questionable policy in CBN’s allocation and sale of foreign currency to Nigerians.
3. arbitrary allotment of different exchange rates for same purposes.
4. allocation of conflicting foreign exchange rates.
The DSS has not charged Mr Gbadamosi after six days of arrest and they denied him medical attention, family visits and rejected the request for his lawyers to see him or be informed of the reason for his arrest.
It is shocking to note that Nigerians are enjoying the appreciation of the Naira over major currencies and praising the CBN and the government that overseas the foreign currency fraud that almost crippled the Nigerian economy while the man who scarified neck is under chain and locked up in a secret detention centre.
Hope for Nigeria

By Ayo Ojeniyi

Story

Nah him be pmb ?

Osinbajo?

Kemi abi emiefele ?

Nigeria!!! See story!!! Lemme assume this is part of a nursery rhyme.

"Sources close to Hope for Nigeria"

Or was it not the same Hope for Nigeria that rigorously, in a campaign for former president (a gentleman), spread both lies and semi-truth about the current president?

Was it not same group that used the voice of a respectable Cardinal to lie, an act that made the religious man to issue out a statement with letter headed paper?

Was it not them that said no money was stolen whatsoever? Just try another "source".

I like journalism, but it should be objective and not based on hatred for anyone.
I'm neither for the current president nor against the former (both men have their good and bad), I'm for a positive-moving Nigeria.

We dont even know who ia who....

Akara People Congress APC.
You guys are doing well Teaching us a better way to do business

Where's the video?

Op,


he need to proof and back up his allegations that the President's allies and CBN gov's cronies are getting the forex at $3/#1 which is a very ridiculous claim.


I wonder how someone will just seat at the corner of their room and start dishing out all manners of baseless allegations all in the name of politics but when they get invited to come and defend their claims some useless and jobless hanger-ons will start disturbing our sight with some hopeless hash tags laced with another round of lies.

tee83:
** Government Magic or Osinbajo's Miracle? **

BREAKING NEWS: Naira Gains; While DSS Still Detaining Mr Gbadamosi Who Exposed The Govt Forex Fraud.*
While Nigerians are still speculating the actual reason behind the sudden appreciation of the Naira over major International currencies since February 20, 2017 and Central Bank of Nigeria (CBN) sudden change of policy, Mr Babatunde Gbadamosi, a Lagos Businessman and former governorship candidate, who exposed in details the monumental organized foreign currency fraud by the Buhari government and officials of CBN was arrested and still detained by the Department of Security Services (DSS) since February 22, 2017.
In a social media video which went viral, Mr Gbadamosi frowned at the shabby practices where those that genuinely need foreign currencies for Business are not provided with any, while the President's allies and the cronies of CBN big-wigs are receiving them at ridiculous low rates of N3/$1.
Every effort to secure Mr Gbadamosi's release has proved abortive. The DSS has ensure that no one visits or see the incarcerated voice of the Nigerian opposition in the secret detention center he was dumped six days ago and sources close to Hope For Nigeria within the secret police headquarters in Abuja are claiming that Gbadamosi was accused of blackmailing the Central Bank of Nigeria and the Government by releasing those classified information about forex sales.
Regrettably, while Mr Babatunde Gbadamosi is languishing in DSS secret detention center for saving Nigeria from the forex mafia, Nigerians are giving the glory to the acting President Osibanjo who raised no finger in the new development where the CBN suspended forex sales to cronies and allies of President Buhari and sudden revert to the polices of the former President Goodluck Jonathan, where the Naira is protected with our external reserve.
Re-echoing the concern of Nigerians including that of the former CBN governor and the Emir of Kano, Sanusi Lamido who revealed the operation of over 20 different foreign exchange rates by the CBN and some Nigerians making billions of Naira daily from their gardens trading dollar they bought at an alarming low rates, Mr Gbadamosi demanded that these sharp practices should stop in other for the country to survive the self-induced recession.
Gbadamosi quoting various media sources in the Video, stated that the CBN was selling forex to some close allies of President Muhammadu Buhari for as low as N3 to $1 through what is called Bills of Collection. People where given Dollars with cold claims that their Form M was filled and submitted like 35 years ago but forex was not released. They cartel only has to claim that they made their importation in 1985 but forex was not released to you despite submitting duly completed Form M.
With all documents perfected, the forex will then be released at the prevailing rate in 1985. They will get $3 million at N5/ $1 and selling to end users at say N480/ $1. The said customer will be making about N1.425billion in one transaction.
He listed transactions by some individuals that got $4,327 at the rate of N23.34 to $1 through “credit card payment” for “invisible” purpose and under “invisible sector”. A bank also got $3,589.11 at the rate of N3.19 to $1 also for “invisible” purposes and under “invisible” sector. There was a transaction involving sale of $66.72 at the rate of N0.62 to $1. There was also a sale of $5.56 to a company at the rate of N0.61 also for “invisible” purposes. A particular transaction also involved the sale of $570.8 at the rate N3.17.
In contrast, there was a company, who purchased $1,462,480.83 at the rate of N425 to $1. The document shows that individuals and companies got foreign exchange for purposes ranging from importation, PTA, school fees, “invisible”, family maintenance allowances, mortgage payments and medical travel among others.
This video lead the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), to query the CBN Governor, Mr. Godwin Emefiele, demanding “prompt response” to the allegations of corruption in the CBN’s foreign exchange allocation and transactions. Multiple Petitions against the CBN indicated how some companies and individuals got foreign exchange in US dollars at the rates as low as low as N0.61 to $1 while others got it in rates that were as high as N470 to $1.
Malami, in the letter, dated February 6, 2017, and with reference number, HAGF/CBN/2017/VOL.1/1, asked Emefiele to respond to the allegations “to enable us to advise the Presidency and take appropriate measures.”
Titled ‘allegations of racketeering in the Central Bank of Nigeria; disparity in allocation of foreign exchange’, and addressed to Emefiele, the letter was delivered to the CBN governor’s office on Monday.
The allegations in the attorney general's letter to Emefiele includes:-
alleged corruption in the apex bank’s “foreign exchange allocation transactions.
2. questionable policy in CBN’s allocation and sale of foreign currency to Nigerians.
3. arbitrary allotment of different exchange rates for same purposes.
4. allocation of conflicting foreign exchange rates.
The DSS has not charged Mr Gbadamosi after six days of arrest and they denied him medical attention, family visits and rejected the request for his lawyers to see him or be informed of the reason for his arrest.
It is shocking to note that Nigerians are enjoying the appreciation of the Naira over major currencies and praising the CBN and the government that overseas the foreign currency fraud that almost crippled the Nigerian economy while the man who scarified neck is under chain and locked up in a secret detention centre.
Hope for Nigeria

By Ayo Ojeniyi

he should brace up and be ready to defend himself.

Where is the video otherwise i don't believe the report!!

Where D video.. Smh

Afonja scam

sarrki:
Story

Nah him be pmb ?

Osinbajo?

Kemi abi emiefele ?

Did you read the writeup?

kayzat:
Of he need to proof and back up his allegations that the President's allies and CBN gov's cronies are getting the forex at $3/#1 which is a very ridiculous claim.


I wonder how someone will just seat at the corner of their room and start dishing out all manners of baseless allegations all in the name of politics but when they get invited to come and defend their claims some useless and jobless hanger-ons will start disturbing our sight with some hopeless hash tags laced with another round of lies.

The question is why is the nigga not bn charged to court? Is that not the 'democratic' thing to do?

Even if I bomb asorock, the proper thing to do is take me to court!!

Or is this a military regime?

dhantey324:
Where's the video?

Could it be this one



https://www.youtube.com/watch?v=hTunNceRQq0

Swizdoe:
If he has strong proof to back up his claims then he should have presented it to the appropriate authority instead of crying on social media.... That's a foolish thing to do.

No be everybody get immunity like Fayose

Are you saying it is lawful for DSS to hold a Nigerian citizen incommunicado for 7days without charging him to court?
Una dey provoke me wella for this country...since truth dey hard una to talk

DDeliverer:
Even if I bomb asorock, the proper thing to do is take me to court!!

Or is this a military regime?

Maybe it is!
Maybe!!!



www.nairaland.com/attachments/2933230_yousee_jpeg5c5368177eaadfefe6b56dfaa198a093

Buhari , ur father .. Tinubu .. Ur mama .
Y una do this to us .. C wickedness

One of the few intelligent nigerians

While most of us are not privy to the information CBN, The Presidency, Babtunde Gbadamosi and some top government officials have, we must not throw away this revelations. Those in authority should come out clear the air. Is it not enough that people's business are closing and others are loosing their jobs while a few a growing fat?

ekeroyal:
While most of us are not privy to the information CBN, The Presidency, Babtunde Gbadamosi and some top government officials have, we must not throw away this revelations. Those in authority should come out clear the air. Is it not enough that people's business are closing and others are loosing their jobs while a few a growing fat?

While we al know Nigeria is a fantastically corrupt country plagued with malpractices, you genuinely believe a story that CBN sold dollars to someone at 62 kobo to $1 right?

obailala:
While we al know Nigeria is a fantastically corrupt country plagued with malpractices, you genuinely believe a story that CBN sold dollars to someone at 62 kobo to $1 right?

It is clear you didn't understand my comment. You can ignore it and hold on to your opinion(s) or provide some information (genuine or not) to counter what Babatunde has revealed. Then we can take it from there. This matter is too sensitive to be toyed with.

ekeroyal:


It is clear you didn't understand my comment. You can ignore it and hold on to your opinion(s) or provide some information (genuine or not) to counter what Babatunde has revealed. Then we can take it from there. This matter is too sensitive to be toyed with.

While we all agree agree that the CBN maintains multiple exchange rates and hasn't really shown sufficient transparency in the way it chooses who and who to allocate forex to, my own point is that the report about CBN issuing forex to selected individuals at N3 to $1 and even 62 kobo to $1 etc., that part of the report is definitely crap.

obailala:
While we all agree agree that the CBN maintains multiple exchange rates and hasn't really shown sufficient transparency in the way it chooses who and who to allocate forex to, my own point is that the report about CBN issuing forex to selected individuals at N3 to $1 and even 62 kobo to $1 etc., that part of the report is definitely crap.

Until CBN proves otherwise, Babatunde's revelation is factual.

Am not surprised from what he said. Common this na 9ja. Anything fit happen

ekeroyal:


Until CBN proves otherwise, Babatunde's revelation is factual.

Well, I think I saw a response the CBN gave to that issue some weeks back..
http://punchng.com/agf-malami-queries-emefiele-alleged-forex-fraud-cbn/

From my understanding of the response, the CBN claims it doesnt issue forex directly to bank customers as was contained in the alleged report; rather it is the banks that deal directly with customers. Secondly it claimed that following investigations, it was discovered that the report which raised eyebrows was improperly presented by the bank which sent in the report; all forex transactions appeared to have been labelled as USDollars, whereas in the real sense, most of the irregularities were actually from transactions done in other currencies (Rand, Yuan, etc).

While we all know the CBN is full of rogues (just like every other Nigerian institution), I choose to believe the response of the CBN cos it is obviously ridiculous to think that USD was sold for N0.62k.

obailala:
While we all agree agree that the CBN maintains multiple exchange rates and hasn't really shown sufficient transparency in the way it chooses who and who to allocate forex to, my own point is that the report about CBN issuing forex to selected individuals at N3 to $1 and even 62 kobo to $1 etc., that part of the report is definitely crap.

if they can subsidize dollar for pilgrimage. dem fit do am.

people bad for dis country

anonimi:


Could it be this one



https://www.youtube.com/watch?v=hTunNceRQq0

I just watched this video and i feel like weeping for the destruction buhari has caused this nation. Can you imagine buhari friends and families buying dollar for as low as N1.20 to a dollar while we are forced to face the music of N500 per dollar.

That means the news of Aisha buhari round tripping forex is true.

Where are sarrki, omenkalives, madridguy, modath, quotasystem and co? Let them come and explain what their saviour buhari is doing to this country. My gosh!!!

Obdk:



if they can subsidize dollar for pilgrimage. dem fit do am.

people bad for dis country

Bro, no be the one of N0.62kobo, let's be realistic. Meanwhile the pilgrimage people were given dollars at official rate at the time if i remember; not sure I understand what you mean by subsidized.

dhantey324:
Where's the video?

This thing looks true from all angles surprisingly.
First, search for the whistleblower's name on YouTube and you will see what I believe to be TV interviews of him, including this very long video, which seems to be the one which has become viral

https://www.youtube.com/watch?v=hTunNceRQq0

Swizdoe:
If he has strong proof to back up his claims then he should have presented it to the appropriate authority instead of crying on social media.... That's a foolish thing to do.

No be everybody get immunity like Fayose

When did it become a crime to provide correct information on social media?

coolscott:

When did it become a crime to provide correct information on social media?

Don't mind him, birds of a feather flock together. I do not know when it become a crime to provide information on social media.